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GGP > SEC Filings for GGP > Form 8-K on 2-May-2013All Recent SEC Filings

Show all filings for GENERAL GROWTH PROPERTIES, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for GENERAL GROWTH PROPERTIES, INC.


2-May-2013

Creation of a Direct Financial Obligation or an Obligation under


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On April 26, 2013, General Growth Properties, Inc., a Delaware corporation, as Borrower (the "Company"), and certain of its subsidiaries, as guarantors, entered into a $1.5 billion Loan Agreement with Royal Bank of Canada (using its RBC Capital Markets brand name) and U.S. Bank National Association, as Joint Lead Arrangers and Bookrunners, U.S. Bank National Association, as Administrative Agent, and other Lenders party thereto.

The Loan Agreement provides for an interest rate of LIBOR plus 250 basis points, subject to increase at Borrower's election in the event certain financial covenants are not met.

The Loan Agreement has an initial maturity date of April 26, 2016 with two one-year options to extend the maturity date exercisable by the Company if certain conditions set forth in the Loan Agreement are met.

The Loan Agreement is secured by mortgages on 16 properties owned by certain of Borrower's subsidiaries who are guarantors under the Loan Agreement.

The Loan Agreement includes customary affirmative and negative covenants and customary events of default and permits the Lenders to pursue various remedies, including acceleration of the maturity date of the loans, upon an Event of Default.

The description of the Loan Agreement in this current report is qualified in its entirety by reference to a copy of the Loan Agreement that is filed as Exhibit 99.1 to this current report and incorporated by reference herein. All capitalized terms used but not defined herein shall have the meaning ascribed to such term in the Loan Agreement.




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                                 Description
99.1          Loan Agreement, dated as of April 26, 2013, by and among General Growth
              Properties, Inc., as Borrower, certain of its subsidiaries, as Property
              Guarantors, certain Lenders party thereto, Royal Bank of Canada (using
              its RBC Capital Markets brand name) and U.S. Bank National Association,
              as Joint Lead Arrangers and Bookrunners, and U.S. Bank National
              Association, as Administrative Agent.


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